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LexisNexis Annotated Statutes of Singapore - Income Tax Act Economic Expansion Incentives (Relief from Income Tax) Act (Old Edition)

This work is a section by section commentary of the Income Tax Act and the Economic Expansion Incentives (Relief from Income Tax) Act.
Publisher: LexisNexis
SG$ 179.76
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ISBN/ISSN: 9789812369192
Publisher: LexisNexis

Description of Product

Also view: LexisNexis Annotated Statutes of Singapore: Income Tax Act & Economic Expansion Incentives (Relief from Income Tax) Act - A Supplement

The Supplement updates the book with legislation and case law updates that had transpired from 29 February 2012 to 7 March 2013. The Budget 2013 is also taken into account in the Supplement.

Also view the special package: LexisNexis Annotated Statutes of Singapore: Income Tax Act & Economic Expansion Incentives (Relief from Income Tax) Act - 2012 Edition + 2013 Supplement Pack

The 2012 Edition
This work is a section by section commentary of the Income Tax Act and the Economic Expansion Incentives (Relief from Income Tax) Act. It pulls together updated and convenient reference information from various sources inclusive of subsidiary legislation, court judgments, board of review decisions Inland Revenue Authority of Singapore circulars, Monetary Authority of Singapore circulars, Institute of Certified Public Accountants of Singapore guidelines– all of which are relevant to the interpretation and application of provisions of the Income Tax Act and the Economic Expansion Incentive (Relief from Income Tax) as of 29 February 2012, inclusive of changes proposed in the Budget 2012.

Key Features:
  • Extensive cross-references to various sources of information which are relevant to the interpretation of the two Acts in practice.
  • Includes key cases from jurisdictions ie: Australia, United Kingdom, Hong Kong and Malaysia.
  • Up-to-date, complete and succinct.
  • In-depth annotations, referenced by paragraph numbers.
  • Bold headings to identify key phrases or subsections arising in each provision.
  • Table of contents

    INCOME TAX ACT

    ARRANGEMENT OF SECTIONS
    PART I
    PRELIMINARY
  • 1. Short title
  • 2. Interpretation
  • PART II
    ADMINISTRATION
  • 3. Appointment of Comptroller and other officers
  • 4. Powers of Comptroller
  • 5. Approved pension or provident fund
  • 6. Official secrecy
  • 7. Rules
  • 8. Service and signature of notices
  • 8A. Electronic service
  • 9. Free postage
  • PART III
    IMPOSITION OF INCOME TAX
  • 10. Charge of income tax
  • 10A. Profits of investment company
  • 10B. Profits of unit trusts
  • 10C. Excess provident fund contributions, etc., deemed to be income
  • 10D. Income from finance or operating lease
  • 10E. Ascertainment of income of investment holding company
  • 10F. Ascertainment of income from certain public-private partnership arrangement
  • 10G. …
  • 10H. Ascertainment of income from business of hiring out motor cars or providing driving instructions
  • 10I. Reduction of share capital
  • 10J. Shares buyback
  • 10K. Shares redemption
  • 10L. Withdrawals from Supplementary Retirement Scheme
  • 10M. Buyback of preference shares
  • 10N. Securties lending or repurchase arrangement
  • 11. Ascertainment of income of clubs, trade associations, etc
  • 12. Source of income
  • PART IV
    EXEMPTION FROM I NCOME TAX
  • 13. Exempt income
  • 13A. Exemption of shipping profits
  • 13B. Exemption of certain dividends
  • 13C. Exemption of income of trustee of trust fund arising from funds managed by fund manager in Singapore
  • 13CA. Exemption of income of non-resident arising from funds managed by fund manager in Singapore
  • 13D. Exemption of certain dividends of approved investment company
  • 13E. Exemption of dividends from foreign income
  • 13F. Exemption of international shipping profits
  • 13G. Exemption of income of foreign trust
  • 13H. Exemption of income of venture company
  • 13I. Exemption of certain dividends of Singapore Exchange Derivatives Trading Limited
  • 13J. Exemption of tax on gains or profits from equity remuneration incentive scheme (SMEs)
  • 13K. Exemption of certain dividends of Singapore Exchange Derivatives Clearing Limited
  • 13L. Exemption of tax on gains or profits from equity remuneration incentive scheme
  • 13M. Exemption of tax on gains or profits from equity remuneration incentive scheme (start-ups)
  • 13N. Exemption of tax on income derived by non-ordinarily resident individual
  • 13O. Exemption of income of foreign account of philanthropic purpose trust
  • 13P. Exemption of income derived from asset securitisation transaction
  • 13Q. Exemption of relevant income of prescribed locally administered trust
  • 13R. Exemption of income of company incorporated and resident in Singapore arising from funds managed by fund manager in Singapore
  • 13S. Exemption of income of shipping investment enterprise
  • 13T. Exemption of trust income to which beneficiary is entitle
  • 13U. Exemption of income of not-for-profit organisation
  • 13V. Exemption of income derived by law practice from international arbitration held in Singapore
  • 13W. Exemption of relevant income of eligible family-owned investment holding company
  • 13X. Exemption of income arising from funds managed by fund manager in Singapore
  • 13Y. Exemption of certain income of prescribed sovereign fund entity and approved foreign government-owned entity
  • PART V
    DEDUCTIONS AGAINST INCOME
  • 14. Deductions allowed
  • 14A. Deduction for costs for protecting intellectual property
  • 14B. Further deduction for expenses relating to approved trade fairs, exhibitions or trade missions or to maintenance of overseas trade office
  • 14C. Further deduction for logistics expenses
  • 14D. Expenditure on research and development
  • 14DA. Enhanced deduction for qualifying expenditure on research and development
  • 14E. Further deduction for expenditure on research and development project
  • 14F. Management expenses of investment companies
  • 14G. …
  • 14H. Expenditure on building modifications for benefit of disabled employees
  • 14I. Provisions by banks and qualifying finance companies for doubtful debts and diminution in value of investments
  • 14J. Further deduction for expenditure on research and development of new financial activities
  • 14K. Further or double deduction for overseas investment development expenditure
  • 14L. Further deduction for expenses incurred in relocation or recruitment of overseas talent
  • 14M. Deduction for hotel refurbishment expenditure
  • 14N. Deduction for upfront land premium
  • 14O. Deduction for special reserve of approved general insurer
  • 14P. Deduction for treasury shares transferred under employee equity- based remuneration scheme
  • 14PA. Deduction for shares transferred by special purpose vehicle under employee equity-based remuneration scheme
  • 14Q. Deduction for renovation or refurbishment expenditure
  • 14R. Deduction for qualifying training expenditure
  • 14S. Deduction for qualifying design expenditure
  • 14T. Deduction for expenditure on leasing of PIC automation equipment under qualifying lease
  • 14U. Deduction for expenses incurred before first dollar of income from trade, business, profession or vocation
  • 15. Deductions not allowed
  • PART VI
    CAPITAL ALLOWANCES
  • 16. Initial and annual allowances, industrial buildings and structures
  • 17. Balancing allowances and charges, industrial buildings and structures
  • 18. Definitions for sections 16, 17 and 18B
  • 18B. Transitional provisions for capital expenditure incurred on industrial buildings or structures on or after 23rd February 2010
  • 18C. Initial and annual allowances for certain buildings and structures
  • 19. Initial and annual allowances, machinery or plant
  • 19A. Allowances of 3 years or 2 years write off for machinery and plant, and 100% write off for computer, prescribed office automation equipment and robot
  • 19B. Writing-down allowances for intellectual property rights
  • 19C. Writing-down allowances for approved cost-sharing agreement for research and development activities
  • 19D. Writing-down allowance for IRU
  • 20. Balancing allowances and charges for machinery or plant
  • 21. Replacement of machinery or plant
  • 22. Expenditure on machinery or plant
  • 22A. Order of set-off of allowances
  • 23. Carry forward of allowances
  • 24. Special provisions as to certain sales
  • 25. ...
  • PART VII
    ASCERTAINMENT OF CERTAIN INCOME
  • 26. Profits of insurers
  • 26A. Ascertainment of income of member of Lloyd’s syndicate
  • 27. Profits of non-resident shipowner or charterer
  • 28. Profits of non-resident air transport and cable undertakings
  • 29. Income from certain dividends to include tax thereon
  • 30. Certain undistributed profits may be treated as distributed
  • 31. Income arising from settlements
  • 32. Valuation of trading stock on discontinuance or transfer of trade or business
  • 33. Comptroller may disregard certain transactions and dispositions
  • 34. Decision of Comptroller no bar to appeal
  • 34A. Adjustment on change of basis of computing profits of financial instruments
  • 34B. Islamic financing arrangements
  • 34C. Amalgamation of companies
  • 34D. Transactions not at arm’s length
  • PART VIII
    ASCERTAINMENT OF STATUTORY INCOME

  • 35. Basis for computing statutory income
  • 35A. Cessation of source of income commenced before 1st January 1969
  • 36. Partnership
  • 36A. Limited liability partnership
  • 36B. Registered business trusts
  • 36C. Limited partnership
  • PART IX
    ASCERTAINMENT OF ASSESSABLE INCOME
  • 37. Assessable income
  • 37A. Restriction on deduction of trading losses against dividends
  • 37B. Adjustment of capital allowances and losses between income subject to tax at concessionary and normal rates of tax
  • 37C. Group relief for Singapore companies
  • 37D. Transfer of qualifying deduction between spouses
  • 37E. Carry-back of capital allowances and losses
  • 37F. Carry-back of capital allowances and losses between spouses
  • 37G. Deduction for incremental expenditure on research and development
  • 37H. Cash grant for research and development expenditure for start-up company
  • 37I. Cash payout under Productivity and Innovation Credit Scheme
  • 37J. Penalties for false information, etc., under section 37I
  • 37K. Deduction for qualifying investments in qualifying start-up companies
  • 37L. Deduction for acquisition of shares of companies
  • PART X
    ASCERTAINMENT OF CHARGEABLE INCOME AND PERSONAL RELIEFS
  • 38. Chargeable income
  • 39. Relief and deduction for resident individual and Hindu joint family
  • 40. Relief for non-resident citizens and certain other non-residents
  • 40A. Relief for non-resident public entertainers
  • 40B. Relief for non-resident employees
  • 40C. Relief for non-resident SRS members
  • 40D. Relief for non-resident deriving income from activity as public entertainer and employee, etc.
  • 41. Proof of claims for deduction or relief
  • PART XI
    RATES OF TAX
    • 42. Rates of tax upon individuals
    • 42A. Rebate for children of family
    • 43. Rate of tax upon companies and others
    • 43A. Concessionary rate of tax for Asian Currency Unit, Fund Manager and securities company
    • 43B. Special rate of tax for non-resident shipowner or charterer or air transport undertaking
    • 43C. Exemption and concessionary rate of tax for insurance and re-insurance business
    • 43D. Concessionary rate of tax for offshore transactions on any market maintained by Singapore Exchange or its subsidiaries
    • 43E. Concessionary rate of tax for headquarters company
    • 43F. Concessionary rate of tax for oil trading company
    • 43G. Concessionary rate of tax for Finance and Treasury Centre
    • 43H. Concessionary rate of tax for international commodity trading company
    • 43I. Concessionary rate of tax for offshore leasing of machinery and plant
    • 43J. Concessionary rate of tax for trustee company
    • 43K. Concessionary rate of tax for members of Singapore Commodity Exchange Ltd, etc
    • 43L. …
    • 43M. …
    • 43N. Concessionary rate of tax for income derived from debt securities
    • 43O. Concessionary rate of tax for cyber trading
    • 43P. Concessionary rate of tax for global trading company and qualifying company
    • 43Q. Concessionary rate of tax for financial sector incentive company
    • 43R. Concessionary rate of tax for provision of processing services to financial institutions
    • 43S. Concessionary rate of tax for commodity derivatives trading company
    • 43T. Concessionary rate of tax for income derived from securities lending or repurchase arrangement
    • 43U. Concessionary rate of tax for income derived from organising or staging tourism event
    • 43V. Concessionary rate of tax for clearing member of Singapore clearing house
    • 43W. Concessionary rate of tax for shipping investment manager
    • 43X. Concessionary rate of tax for trust income to which beneficiary is entitled
    • 43Y. Concessionary rate of tax for leasing of aircraft and aircraft engines
    • 43Z. Concessionary rate of tax for aircraft investment manager
    • 43ZA. Concessionary rate of tax for container investment enterprise
    • 43ZB. Concessionary rate of tax for container investment manager
    • 43ZC. Concessionary rate of tax for approved insurance brokers
    • 43ZD. Concessionary rate of tax for income derived from managing qualifying registered business trust or company
    • 43ZE. Concessionary rate of tax for ship broking and forward freight agreement trading
    • 43ZF. Concessionary rate of tax for shipping-related support services
    • PART XII
      RIGHTS OF DEDUCTION OF TAX
    • 44. Deduction of tax from dividends of companies
    • 44A. Transitional provisions for company subjected to former imputation system
    • 45. Withholding of tax in respect of interest paid to non-resident persons
    • 45A. Application of section 45 to royalties, management fees, etc
    • 45AA. Tax deemed withheld and recoverable from person in breach of condition imposed under section 13(4)
    • 45B. Application of section 45 to non-resident director’s remuneration
    • 45C. Application of section 45 to distribution by unit trust
    • 45D. Application of section 45 to gains from real property transactions
    • 45E. Application of section 45 to withdrawals by non-citizen SRS members, etc
    • 45F. Application of section 45 to income from profession or vocation carried on by non-resident individual, etc
    • 45G. Application of section 45 to distribution from any real estate investment trust
    • 45GA. Application of section 45 to income derived as public entertainer
    • 45H. Application of section 45 to commission or other payment of junket promoter
    • PART XIII
      ALLOWANCES FOR TAX CHARGED
      • 46. Tax deducted from dividends, interests, etc
      • 47. Special allowance for interest received as trading receipts
      PART XIV
      RELIEF AGAINST DOUBLE TAXATION
    • 48. ...
    • 49. Avoidance of double taxation arrangements
    • 50. Tax credits
    • 50A. Unilateral tax credits
    • 50B. Tax credits for trust income to which beneficiary is entitled
    • 50C. Pooling of credits
    • PART XV
      PERSONS CHARGEABLE
      • Husband and wife
      • 51. Income of wife
      • Trustees, agents and curators
      • 52. Chargeability of trustees, etc
      • 53. Chargeability of agent of person residing out of Singapore
      • 54. Liability of person chargeable in respect of incapacitated person
      • 55. Liability of managers of companies or bodies of persons
      • 56. Indemnification of representative
      • 57. Power to appoint agent, etc., for recovery of tax
      • 58. Deceased persons
      • 59. Duty of liquidator on winding up of company or limited liability partnership
      • 60. Chargeability of joint trustees
      • 61. Hindu joint families
      • PART XVI
        RETURNS
      • 62. Notice of chargeability and returns
      • 62A. The basic rule: Singapore dollar to be used
      • 62B. Currency other than Singapore dollar to be used in certain circumstances
      • 63. Furnishing of estimate of chargeable income if no return is made under section 62
      • 64. Comptroller may call for further returns
      • 65. Power to call for returns, books, etc
      • 65A. Statement of bank accounts, assets, etc
      • 65B. Power of Comptroller to obtain information
      • 65C. Failure to comply with notices issued by Comptroller
      • 66. Returns to be deemed to be furnished by due authority
      • 67. Keeping of books of account and giving of receipts
      • 68. Official information and secrecy, and returns by employer
      • 69. Lists to be prepared by representative or agent
      • 70. Occupiers to furnish return of rent payable
      • 71. Return to be made by partnership
      • 71A. …
      • PART XVII
        ASSESSMENT AND OBJECTIONS
      • 72. Comptroller to make assessments
      • 73. Advance assessments
      • 74. Additional assessments
      • 75. Waiver of small assessments
      • 76. Service of notices of assessment and revision of assessment
      • 77. Errors and defects in assessment and notice
      • PART XVIII
        APPEALS
      • 78. Board of Review
      • 79. Right of appeal
      • 80. Hearing and disposal of appeals
      • 81. Appeals to High Court
      • 82. Cases stated for High Court
      • 83. Proceedings before Board of Review and High Court
      • 84. Assessments to be final and conclusive
      • PART XIX
        COLLECTION, RECOVERY AND REPAYMENT OF TAX
      • 85. Time within which payment is to be made
      • 86. Recovery of tax from persons leaving Singapore
      • 87. Penalty for non-payment of tax and enforcement of payment
      • 88. Change of address
      • 89. Suit for tax by Comptroller
      • 90. Statement of Comptroller sufficient
      • 91. Deduction of tax from emoluments and pensions
      • 92. Remission of tax
      • 92A. Remission of tax of companies for year of assessment 2011
      • 92B. Cash grant for companies for year of assessment 2011
      • 93. Repayment of tax
      • 93A. Relief in respect of error or mistake
      • PART XX
        OFFENCES AND PENALTIES
      • 94. Penalties
      • 94A. Penalty for failure to make return
      • 95. Penalty for incorrect return
      • 96. Penal provisions relating to fraud, etc
      • 96A. Serious fraudulent tax evasion
      • 97. Penalties for offences by authorised and unauthorised persons
      • 98. Penalty for obstructing officers
      • 99. Tax to be payable notwithstanding any proceedings for penalties
      • 100. Provisions relating to penalty
      • 101. Sanction for prosecution
      • 102. Service of summons
      • 103. Saving for criminal proceedings
      • 104. Admissibility of certain statements and documents as evidence
      • 105. Jurisdiction of Courts
      • PART XXA
        EXCHANGE OF INFORMATION UNDER AVOIDANCE OF DOUBLE TAXATION ARRANGEMENTS AND EXCHANGE OF INFORMATION ARRANGEMENTS
      • 105A. Interpretation of this Part
      • 105B. Purpose of this Part
      • 105BA. Exchange of information arrangement
      • 105C. Prescribed arrangement
      • 105D. Request for information
      • 105E. Comptroller to serve notice of request on certain persons
      • 105F. Power of Comptroller to obtain information
      • 105G. Power of Comptroller to obtain information from other authorities
      • 105H. Rules for purposes of this Part
      • PART XXB
        COURT ORDERS RELATING TO RESTRICTED INFORMATION
      • 105I. Interpretation of this Part
      • 105J. Orders relating to certain information
      • 105K. Supplementary provisions regarding section 105J orders
      • 105L. Immunities
      • 105M. Failure to comply with section 105J orders
      PART XXI
      MISCELLANEOUS
      • 106. Powers to amend Schedules
      • 107. Consequential provision arising from abolition of imputation system
      • 108. Advance rulings
      • FIRST SCHEDULE
        INSTITUTION, AUTHORITY, PERSON OR FUND EXEMPTED

        SECOND SCHEDULE
        RATES OF TAX

        THIRD SCHEDULE

        FOURTH SCHEDULE
        NAME OF BOND, SECURITIES, STOCK OR FUND

        FIFTH SCHEDULE
        CHILD RELIEF

        SIXTH SCHEDULE
        NUMBER OF YEARS OF WORKING LIFE OF ASSET

        SEVENTH SCHEDULE
        ADVANCE RULINGS

        EIGHTH SCHEDULE
        ECONOMIC EXPANSION INCENTIVES (RELIEF FROM INCOME TAX) Act
        ARRANGEMENT OF SECTIONS

        PART I
        PRELIMINARY
        Section Page
      • 1. Short title
      • 2. Act to be construed as one with Income Tax Act
      • 3. Interpretation
      • PART II
        PIONEER INDUSTRIES
      • 4. Power to approve an industry and a product as a pioneer industry and a pioneer product
      • 5. Application for and issue and amendment of pioneer certificate
      • 6. Tax relief period of pioneer enterprise
      • 7. Provisions governing old and new trade or business
      • 8. Restrictions on trading before end of tax relief period
      • 9. Power to give directions
      • 10. Ascertainment of income in respect of old trade or business
      • 11. Application of Part XVI of Income Tax Act
      • 12. Comptroller to issue statement of income
      • 13. Exemption from income tax
      • 14. Certain dividends exempted from income tax
      • 15. Carry forward of loss and allowance
      • PART III
        PIONEER SERVICE COMPANIES
      • 16. Interpretation of this Part
      • 17. Application for and issue and amendment of certificate for pioneer service company
      • 18. Tax relief period of pioneer service company
      • 19. Application of sections 7 to 15 to pioneer service company
      • PART IIIA
        POST-PIONEER COMPANIES
        • 19A. to 19H.
        PART IIIB
        DEVELOPMENT AND EXPANSION INCENTIVE
      • 19I. Interpretation of this Part
      • 19J. Application for and issue of certificate to development and expansion company
      • 19K. Tax relief period of development and expansion company
      • 19L. Certain dividends exempted from income tax
      • 19M. Ascertainment of income from qualifying activities
      • 19N. Ascertainment of income from other trade of business
      • 19O. Deduction of losses
      • 19P. Power to give directions
      • PART IV
        EXPANSION OF ESTABLISHED ENTERPRISES
        • 20. to 25.
        PART V
        EXPANDING SERVICE COMPANIES
        • 26. to 28.
        PART VI
        PRODUCTION FOR EXPORT
      • 29. to 44.
      • PART VIA
      • PART VII
        INTERNATIONAL TRADE INCENTIVES
      • 45. to 56.
      • PART VIII
        FOREIGN LOANS FOR PRODUCTIVE EQUIPMENT
      • 57. Application for and issue of approved foreign loan certificate
      • 58. Restriction on disposal of specified productive equipment
      • 59. Exemption of approved foreign loan interest from tax
      • 60. Exemption of additional interest on approved foreign loan from tax
      • PART IX
        ROYALTIES, FEES AND DEVELOPMENT CONTRIBUTIONS
      • 61. Application for and issue of approved royalties, fees or contributions certificate
      • 62. Notice of variation of terms of agreement or arrangement
      • 63. Relief conditional on no increase in foreign tax
      • 64. Reduction of tax for approved royalties, fees or contributions
      • 65. Exemption from tax where investment made in approved enterprise
      • PART X
        INVESTMENT ALLOWANCES
      • 66. Interpretation of this Part
      • 67. Capital expenditure investment allowance
      • 68. Investment allowance
      • 69. Crediting of investment allowance
      • 70. Prohibition to sell, lease out or dispose of assets
      • 71. Exemption from income tax
      • 72. Certain dividends exempted from income tax
      • 73. Recovery of tax exempted
      • 74. Application of Parts XVII and XVIII of Income Tax Act
      • 74A. No investment allowance for certain expenditure
      •   PART XI
        WAREHOUSING AND SERVICING INCENTIVES
        • 75. to 84.
        • PART XII
          INTERNATIONAL CONSULTANCY SERVICES
        • 85. to 92.
        • PART XIII
          INVESTMENTS IN NEW TECHNOLOGY COMPANIES
        • 93. to 97.
        • PART XIIIA
          OVERSEAS INVESTMENT AND VENTURE CAPITAL INCENTIVES
        • 97A. to 97G.
        • PART XIIIB
          OVERSEAS ENTERPRISE INCENTIVE
        • 97H. Interpretation of this Part
        • 97I. Application for and issue of certificate to overseas enterprise
        • 97J. Tax relief period of overseas enterprise
        • 97K. Separate accounts for qualifying activity
        • 97L. Power to give directions
        • 97M. Qualifying income
        • 97N. Application of Part XVI of Income Tax Act
        • 97O. Statement of qualifying income
        • 97P. Exemption from income tax
        • 97Q. Certain dividends exempted from income tax
        • 97R. Certification of income by auditor
        • PART XIIIC
          ENTERPRISE INVESTMENT INCENTIVE
        • 97S Interpretation of this Part
        • 97T Application for and issue of certificate to start-up company
        • 97U Allotment of qualifying shares by company
        • 97V Deduction of losses allowable to eligible investor
        • 97W Power of Comptroller to give directions
        • 97X Prohibition of other activity
        • 97Y Recovery of tax
        • 97Z Savings provision
        • PART XIIID
          INTEGRATED INDUSTRIAL CAPITAL ALLOWANCES
        • 97ZA Interpretation of this Part
        • 97ZB Integrated industrial capital allowance
        • 97ZC Deduction of integrated industrial capital allowance
        • 97ZD Prohibition to sell, lease out or dispose of productive equipment
        • 97ZE Recovery of tax
        • PART XIIIE PART XIIIF PART XIV
          MISCELLANEOUS PROVISIONS
        • 98. Prohibition of publication of application and certificate or letter
        • 99. Revocation of certificate or letter
        • 100. Provisions of Income Tax Act not affected
        • 101. Action of officers no offence
        • 102. Regulations
        • 103. Savings provision
        • 104. Consequential provision arising from abolition of imputation system